Inclusive Fintech 50 is now open for applicants. The initiative aims to identify 50 innovative fintech startups driving financial inclusion and resilience for the three billion financially underserved people worldwide.
The initiative, which is now in its second year, was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid & Comic Relief.
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The initiative is implemented by Mix, the global data resource for investors focused on inclusive finance.
Applications close on 10 July and the 2020 cohort will be announced in October.
Two startups selected to be part of the Inclusive Fintech 50 list will also get cash prizes of $25k
In a statement on its blog last week, the organisers of the initiative said the aim of the initiative is to create visibility for the most promising inclusive fintechs.
The selection takes place through a competitive process led by an independent judging panel of experts from venture capital, technology, and financial services firms.
The competitive process identifies startups poised for success through four criteria: inclusiveness, innovation, scale potential, and traction.
Inclusiveness is determined by the degree to which each applicant’s target market includes underserved people and businesses, and the related problem the startup is aiming to solve.
Selected fintechs will benefit from increased visibility, with the opportunity to connect with peers and position themselves for investment through connections to investors.
Two of the selected fintechs will also receive cash prizes of $25 000 based on the judging panel’s assessment of their contributions to the financial resilience — or the ability to withstand and recover from shocks — of low-income households and micro-, small- and medium-enterprises.
In 2019, Inclusive Fintech 50 attracted eligible applications from 400 fintechs based in 72 countries and with a combined customer base of nearly 70 million people.
Read more: Sub-Sahara Africa is top market for those that made Inclusive Fintech 50 list